Royal Fund Management LLC Sells 1,579 Shares of Iron Mountain Incorporated (NYSE:IRM)

Royal Fund Management LLC lowered its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 10.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,840 shares of the financial services provider’s stock after selling 1,579 shares during the quarter. Royal Fund Management LLC’s holdings in Iron Mountain were worth $1,242,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of IRM. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in shares of Iron Mountain in the second quarter valued at about $32,000. Transcendent Capital Group LLC bought a new stake in Iron Mountain during the 4th quarter worth about $36,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Iron Mountain in the 2nd quarter valued at about $36,000. Heritage Wealth Advisors acquired a new stake in shares of Iron Mountain in the fourth quarter valued at about $38,000. Finally, Headlands Technologies LLC bought a new stake in Iron Mountain during the first quarter worth about $38,000. Institutional investors own 80.13% of the company’s stock.

Insider Activity

In other Iron Mountain news, CEO William L. Meaney sold 15,875 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $81.03, for a total value of $1,286,351.25. Following the sale, the chief executive officer now owns 295,650 shares of the company’s stock, valued at approximately $23,956,519.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Walter C. Rakowich sold 954 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $81.33, for a total value of $77,588.82. Following the completion of the sale, the director now directly owns 35,166 shares in the company, valued at $2,860,050.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William L. Meaney sold 15,875 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $81.03, for a total value of $1,286,351.25. Following the completion of the sale, the chief executive officer now owns 295,650 shares in the company, valued at approximately $23,956,519.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 96,372 shares of company stock worth $8,516,435. 2.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on IRM. Wells Fargo & Company boosted their price target on Iron Mountain from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. upped their price target on shares of Iron Mountain from $82.00 to $121.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. The Goldman Sachs Group boosted their price objective on shares of Iron Mountain from $106.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, Stifel Nicolaus raised their target price on shares of Iron Mountain from $86.00 to $103.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $95.29.

Iron Mountain Stock Performance

NYSE:IRM traded down $0.28 during mid-day trading on Friday, reaching $108.30. 1,996,318 shares of the company’s stock were exchanged, compared to its average volume of 1,661,263. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.86 and a current ratio of 0.79. The firm has a market capitalization of $31.75 billion, a PE ratio of 164.09, a price-to-earnings-growth ratio of 6.49 and a beta of 0.98. Iron Mountain Incorporated has a one year low of $56.51 and a one year high of $112.79. The business’s fifty day simple moving average is $96.67 and its two-hundred day simple moving average is $83.78.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings results on Thursday, August 1st. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.59). Iron Mountain had a net margin of 3.94% and a return on equity of 595.44%. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the firm posted $0.94 earnings per share. The company’s quarterly revenue was up 13.0% on a year-over-year basis. Analysts anticipate that Iron Mountain Incorporated will post 4.22 earnings per share for the current fiscal year.

Iron Mountain Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Monday, September 16th will be paid a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a yield of 2.64%. This is an increase from Iron Mountain’s previous quarterly dividend of $0.65. The ex-dividend date is Monday, September 16th. Iron Mountain’s dividend payout ratio is presently 433.33%.

Iron Mountain Profile

Iron Mountain Incorporated (NYSE: IRM) is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers' work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.